Assume ID cannot estimate uncollectible accounts accurately and recognizes revenue using the cost recovery method.
Required: Prepare journal entries to record the sale, cash collections, and recognition of gross profit (if appropriate) in 2008 and 2009.
Correct Answer:
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Q81: Hulkster's 2009 average collection period is:
A)73 days.
B)104
Q82: Hulkster's 2009 receivables turnover is:
A)2.85.
B)4.70.
C)5.00.
D)10.63.
Q83: Big Bear Company deals in distressed properties
Q84: Hulkster's 2009 profit margin is:
A)17.1%.
B)13.5%.
C)7.6%.
D)4.5%.$32,500/$190,000 = 17.1%
Q85: Dowling's average total assets for 2009 is:
A)32.
B)210.
C)115.
D)194.Return
Q88: Hulkster's 2009 average days in inventory is:
A)60.5
Q89: Assume ID can estimate uncollectible accounts accurately,
Q90: Hulkster's 2009 return on shareholder's equity is:
A)17.1%.
B)14.0%.
C)12.6%.
D)7.1%.
Q116: In the DuPont formula, return on assets
Q200: A company is effectively leveraging when:
A)The return
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